U.S. retailer Meijer has begun slashing the price of Apple’s iPad 2 as rumors continue to claim that its successor will be unveiled early next month. The 16GB Wi-Fi only model is now available for $429, with $70 off its original price, and that price will run until the retailer shifts its remaining stock.

The announcement came in Meijer’s weekly newsletter for the week beginning February 12. Its conditions note that the deal is valid as long as supplies last, and that it does not include “rainchecks or substitutions.”

However, a separate listing on the retailer’s website claims the offer only lasts until February 25, and it only available in Meijer retail stores. Also reduced is Apple’s iPad 2 Smart Cover which is down to $35 from $40.

$70 off Apple’s current-generation tablet represents one of the biggest discounts we’ve seen on the device since it was released last March. But what does this kind of discount mean?

It’s possible Meijer is looking to clear some of its stock in anticipation of the iPad 3 early next month. Furthermore, Apple is almost certain to reduce the price of the iPad 2 when that time comes, and with rumors that the device could be dropped to as little as $299, the retailer could be hoping to sell the bulk of its stock at the higher price before that huge reduction comes in.